But the actual data continues to prove this false, showing precious-metals bearishness is rooted in sentiment and not fundamentals. They have a really interesting history. American lawmakers crafted the Gold Bullion Coin Act ofwhich president Ronald Reagan then promptly signed into law.
These topics include sovereign gold reserve accumulation by Russia and China, gold demand in the wider Chinese gold market, Swiss gold imports and exports, and gold flows into and out of the London Gold Market. In other words, SGE gold withdrawals are a suitable proxy for gold demand in the domestic Chinese market.
Why this is so is related to the structure of the Chinese Gold Market, where mined gold, imported gold, and scrap gold either is obliged to be sold through the SGE, or is incentivised to be sold through the SGE. At the close ofgold withdrawals from the SGE totalled tonnes for the year. This was slightly higher than the similar figure for of tonnes, but below the record annual total for the yearwhich clocked in at tonnes.
The figure was also slightly below corresponding figures for andwhich reached tonnes and tonnes, respectively. Looking at the combined gold withdrawal figures from the SGE for the first four months of January to April inclusivethe year-to-date total for the end of Month 4 is running at tonnes.
This means that so far this year, the Chinese domestic gold market has demanded approximately tonnes of gold from the nationwide gold vaults of the SGE.
This gold has physically left the SGE vaults and entered the Chinese gold market. This figure of tonnes is also the 2nd highest Month 4 total on record, with only the corresponding end of April figure in coming in higher.
While the SGE gold withdrawal rate for the rest will probably decelerate, the monthly SGE gold withdrawal figures for the rest of the year are still worth watching closely.
Russian Gold Reserves Following a notable year in during which the Russian Federation, through its central bank, added tonnes of gold to its strategic gold reserves, looks set to be equally active for Russian physical gold accumulation.
According to official data, between January and April inclusive, the Russian central bank Bank of Russia added 2. Annualised this would be tonnes. Specifically, Russia addedozs of gold to it reserves in January,ozs in February,ozs in March, andozs again in April. Bank of Russia Gold Reserves Accumulation: Since OctoberChina has continued to announce unchanged gold reserves each month and its official gold reserves remain static at tonnes.
More than likely however, China is still actively accumulating gold, but is not publicising it. This lack of reporting not unusual for China, and there have been long periods in recent history during which the Chinese have remained tight-lipped about gold reserve accumulation, only to announce significant purchases after the accumulations have taken place, for example in April and June January to May Note that non-monetary gold refers to all gold that is not classified as central bank gold.
Central banks get an exemption from reporting monetary gold movements across borders, so unfortunately, central bank gold movements are not reported by Swiss Customs data or any other similar data around the world. Nonetheless, the non-monetary gold statistics published by Swiss Customs are useful for inferring activity in the Swiss gold refining sector and in the wider Swiss gold market.
Overall, the first quarter of has been quite subdued for gold imports into Switzerland, with only tonnes imported year-to-date. While this was also a relatively low figure compared to the recent past, gold exports for the first quarter totalled tonnes, signalling slightly higher activity on the outbound routes from Switzerland between January and March.
On an individual country basis sending and receiving gold to and from Switzerland, apart from a few tonnes of gold supplied from Hong Kong, the UK market i. London was the only notable supplier of sizeable amounts of non-monetary gold into Switzerland during March. Note that since the UK does not have any gold mines, any discussion of the UK exporting gold really refers to the London Gold Market exporting gold from the vaulted gold stocks held there.
The following chart shows that during March, the UK London supplied During Marchthe London Gold Market imported See following chart for details.
Malaysia and Singapore also imported significant quantities of gold from Switzerland during March, taking in nearly 10 tonnes between them.Sep 05, · - Get live rates of Indian stock market on this mcx market watch app & nse stock manager app. - Follow mcx bullion, gold, crude oil and copper.
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Even if we assume that the Stock Market, Bond Market and Housing Market will not correct the coming 2 years, the Silver Market looks really bullish. Especially if we take into consideration the recent capitulation in the bullion market. Nov 17, · Category: Weekly Bullion.
Gold futures rose pc Weekly Gain. Posted on November 17, by moneymaker.
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Gold futures ended higher on Friday, bringing in about percent gain for the week, as stock market and US Dollar eased, boosting bullion investments. Continue reading. The equities market has performed well since the recent presidential election, but many analysts and economists are predicting that a major correction—or even stock market crash—is imminent.
Ironically, the very factors that have enabled the market to flourish will ultimately contribute to its downfall. One empirical way to illustrate this is by looking at the value of that GLD gold ETF’s bullion holdings compared to the market capitalization of the benchmark S&P component stocks The ratio.